IRB InvIT Fund · NSE:IRBINVIT
IRB InvIT Fund — Q4 FY26 Earnings Presentation
42 slides from IRB InvIT Fund's earnings presentation, May 2026
Slide 1: Results Update Q4FY26 IRB InvIT Fund
Results Update Q4FY26 IRB InvIT Fund
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Investment Manager of IRB InvIT Fund (the “Trust”) solely for your information and may not be taken away, reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or firm) or pub
Slide 3: Contents
Contents Particulars Page No. Highlights for the quarter/ year 4 Project wise Toll revenue 5-17 HAM Revenue break up 18-20 Financial Performance 21-23 Traffic Movement 24-27 NDCF and Distribution Composition 28-31 Appendix 32
Slide 4: Key Highlights for the quarter/ year
Key Highlights for the quarter/ year Enhanced Investor Payout increased by ~7% Q-o-Q Payouts Successfully acquired three road assets with a combined EV of ~INR 8,400 crores and a weighted average life of 21 years. Strong operating performance, with average toll revenue growth of ~14% during th
Slide 5: Project wise Toll Revenue
Project wise Toll Revenue 5
Slide 6: Project-wise Gross BOT Toll Revenues
Project-wise Gross BOT Toll Revenues INR Mn Sr. No. Name of the Project Q4FY26 Q4FY25 YoY (%) FY26 FY25 YoY (%) 1 Tumkur Chitradurga BOT Project (1) 1,232 1,126 9% 4,854 4,378 11% 2 Jaipur Deoli BOT Project (1) 537 471 14% 2,028 1,887 7% 3 Pathankot Amritsar BOT Project (1) 441 399 11% 1,648 1,445 1
Slide 7: Toll Revenue Breakup – Gross v/s Net
Toll Revenue Breakup – Gross v/s Net INR Mn FY26 Particular ITCTL IJDTL IPATRL MITL ITATL KTL** KGTL** IHMTL** Total Gross Toll collection 4,854 2,028 1,648 1,806 966 1,447 2,749 3,635 19,133 Less: Revenue share (13) (10) (27) (14) (6) (16) (6) (26) (118) (non-FASTag users) Less: Revenue share (518)
Slide 8: Toll Revenue Breakup – Gross v/s Net
Toll Revenue Breakup – Gross v/s Net INR Mn Q4FY26 Particular ITCTL IJDTL IPATRL MITL ITATL KTL KGTL IHMTL Total Gross Toll collection 1,232 537 441 461 256 370 709 933 4,939 Less: Revenue share (4) (2) (6) (3) (1) (4) (1) (7) (28) (non-FASTag users) Less: Revenue share (131) - - (103) - - (509) (86
Slide 9: Toll revenue – Tumkur Chitradurga project (ITCTL)
Toll revenue – Tumkur Chitradurga project (ITCTL) INR Mn Daily toll collection 16.0 14.1 14.1 13.1 13.4 13.0 13.6 13.5 13.5 14.0 12.8 12.9 12.6 13.0 12.0 12.3 12.8 12.2 12.7 12.6 10.0 11.8 11.6 11.6 11.7 12.0 11.3 11.3 8.0 6.0 4.0 2.0 0.0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Tot
Slide 10: Toll revenue – Jaipur Deoli project (IJDTL)
Toll revenue – Jaipur Deoli project (IJDTL) INR Mn Daily toll collection 6.5 6.3 6.1 6.1 6.0 5.8 5.6 5.6 5.3 5.3 5.3 5.4 5.5 5.2 5.1 5.6 5.5 5.5 5.0 5.1 5.1 5.2 5.1 5.0 5.0 5.0 5.0 4.5 4.7 4.0 3.5 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 189 189 537 176 168 166
Slide 11: Toll revenue – Pathankot Amritsar project (IPATRL)
Toll revenue – Pathankot Amritsar project (IPATRL) INR Mn Daily toll collection 5.5 5.3 4.8 4.9 5.0 4.7 4.7 4.8 4.6 4.4 4.5 4.3 4.0 4.1 4.6 4.5 4.6 4.4 4.4 4.0 3.8 4.3 4.1 4.3 4.2 3.9 4.0 3.5 3.7 3.0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 149 147 146 148 150
Slide 12: Toll revenue – Omalur Salem Namakkal project (MITL)
Toll revenue – Omalur Salem Namakkal project (MITL) INR Mn Daily toll collection 5.6 5.4 5.4 5.3 5.2 5.2 5.0 4.9 4.9 4.8 5.0 4.9 5.0 5.2 4.9 4.8 4.8 5.0 4.7 5.0 4.6 4.9 4.8 4.8 4.8 4.9 4.6 4.7 4.7 4.4 4.6 4.2 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 148 167 163
Slide 13: Toll revenue – Talegaon Amravati project (ITATL)
Toll revenue – Talegaon Amravati project (ITATL) INR Mn Daily toll collection 3.1 3.0 2.8 2.9 2.9 2.8 2.7 2.8 2.7 2.6 2.7 2.8 2.5 2.5 2.3 2.3 2.7 2.6 2.6 2.6 2.6 2.6 2.3 2.5 2.3 2.4 2.1 2.3 2.2 2.2 1.9 1.7 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 89 256 85 85 8
Slide 14: Toll revenue – Kaithal Rajasthan (KTL)
Toll revenue – Kaithal Rajasthan (KTL) INR Mn Daily toll collection 4.7 4.4 4.3 4.3 4.1 4.2 4.0 4.0 4.0 3.7 3.8 3.7 3.8 3.7 3.5 3.7 3.9 3.7 3.8 3.7 3.7 3.8 3.8 3.2 3.6 3.7 3.5 3.5 2.7 2.2 1.7 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 133 133 370 123 127 123 119
Slide 15: Toll revenue – Kishangarh Gulabpura (KGTL)
Toll revenue – Kishangarh Gulabpura (KGTL) INR Mn Daily toll collection 8.7 7.9 8.3 7.6 7.9 7.9 7.5 7.5 7.5 7.7 7.1 7.1 7.1 7.1 6.7 7.2 6.8 6.9 6.8 6.4 6.9 5.7 6.2 6.4 6.3 6.6 6.1 5.9 4.7 3.7 2.7 1.7 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 246 244 709 233 229
Slide 16: Toll revenue – Hapur Moradabad (IHMTL)
Toll revenue – Hapur Moradabad (IHMTL) INR Mn Daily toll collection 11.7 10.9 11.0 10.9 10.0 10.2 10.4 10.0 9.7 9.6 9.8 9.6 9.7 7.4 9.7 9.4 9.2 9.2 7.7 8.6 9.1 9.1 8.4 8.4 8.3 7.2 7.2 5.7 3.7 1.7 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 337 933 330 316 323 301
Slide 17: Toll revenue – Portfolio of assets
Toll revenue – Portfolio of assets INR Mn Daily toll collection 70.0 55.3 55.6 57.4 60.0 54.2 53.3 50.0 40.0 31.0 30.7 30.1 28.8 28.8 29.3 30.2 30.0 28.2 28.7 28.5 27.9 29.2 29.4 30.6 29.2 30.4 29.7 20.0 27.2 26.9 10.0 0.0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collecti
Slide 18: HAM Revenue breakup
HAM Revenue breakup 18
Slide 19: Annuities received from VK1 HAM asset
Annuities received from VK1 HAM asset INR Mn Project Snapshot 850.4 967.2 961.2 908.1 1,200.0 Construction of greenfield eight lane Vadodara to Project Description Padra section of Vadodara Kim Expressway 956.1 960.7 941.5 Project Cost (INR Cr) 2,094 1,000.0 16.1 16.1 16.1 16.1 16.3 14.7 Project Roa
Slide 20: Recently added VM7 HAM Asset
Recently added VM7 HAM Asset INR Mn Project Snapshot 866.4 Construction of greenfield eight lane Gandeva to 1,200.0 Project Description Ena section of Vadodara Mumbai Expressway in the state of Gujarat Appraised Project Cost 1,702 crores 1,000.0 (INR Cr) 45.9 Project Road Length 27.5 Km Toll/Annuity
Slide 21: Financial Performance
Financial Performance 21
Slide 22: Consolidated Financial Results
Consolidated Financial Results INR Mn Particulars FY26 FY25 YoY (%) Gross Income (Net of revenue share) ^ 15,817 11,102 42% EBITDA 12,698 9,162 39% Finance Expenses ^^ 5,191 2,943 76% Depreciation & amortization 3,799 2,541 49% Profit before Tax 3,708 3,678 1% Total Tax Expenses 322 123 162% Profit
Slide 23: Project-wise EBITDA for Q4FY26 & FY26
Project-wise EBITDA for Q4FY26 & FY26 INR Mn Q4FY26^ FY26^ Sr. Name of the Project No. Total Income* EBITDA^^ Total Income* EBITDA^^ 1 Tumkur Chitradurga BOT Project 1,123 1,061 4,357 4,113 2 Jaipur Deoli BOT Project 538 417 2,028 1,522 Omalur - Salem – Namakkal BOT 3 370 350 1,432 1,334 Project 4 T
Slide 24: Traffic Movement
Traffic Movement 24
Slide 25: Traffic Movement (1/3) - FY26
Traffic Movement (1/3) - FY26 Figures Figures in ‘000 in ‘000 Tumkur Chitradurga BOT Project 10000 Particular FY22 FY23 FY24 FY25 FY26 Q4FY25 Q4FY26 8000 6000 Car 5622 6955 7571 7944 9049 1881 2257 4000 LCV 1168 1269 1285 1357 1434 352 364 2000 Truck / Bus 1835 2368 2653 2870 3124 738 799 0 MAV 3829
Slide 26: Traffic Movement (2/3) - FY26
Traffic Movement (2/3) - FY26 Figures in ‘000 Omalur-Salem Namakkal BOT Project 7000 6000 Particular FY22 FY23 FY24 FY25 FY26 Q4FY25 Q4FY26 5000 Car 4320 5399 5669 5841 5212 1407 1020 4000 3000 LCV 766 808 767 759 710 191 178 2000 Truck / Bus 767 917 1004 1032 1065 266 275 1000 0 MAV 1117 1258 1357
Slide 27: Traffic Movement (3/3) - FY26
Traffic Movement (3/3) - FY26 Figures in ‘000 Kaithal Rajasthan BOT Project * 6000 5000 Particular FY25 FY26 Q4FY25 Q4FY26 4000 Car 4356 4940 1082 1399 3000 2000 LCV 211 226 51 58 1000 Truck / Bus 778 773 189 190 0 Car LCV Truck / Bus MAV MAV 1610 1592 403 403 FY25 FY26 Q4FY25 Q4FY26 Total 6956 7532
Slide 28: Net Distributable Cash flows
Net Traffic Distributable Movement Cash flows 28
Slide 29: NDCF Working – FY26
NDCF Working – FY26 INR Mn Sr. No. Particulars FY26 FY25 Cash flow from operating activities as per Cash Flow Statement of Trust 1 114 (199) (Post Working capital adjustments) 2 (+) Cash Flows received from SPV’s which represent distributions of NDCF computed as per relevant framework 10,502 6,707 (
Slide 30: NDCF Working – Q4FY26
NDCF Working – Q4FY26 INR Mn Sr. No. Particulars Q4FY26 Q3FY25 Q4FY25 Cash flow from operating activities as per Cash Flow Statement of Trust 1 222 (42) (62) (Post Working capital adjustments) (+) Cash Flows received from SPV’s which represent distributions of NDCF computed as per relevant 2 3,464 3
Slide 31: Distribution Composition and Build-up
Distribution Composition and Build-up Distribution till date Interest Capital Reduction Dividend 14.00 10.55 12.25 10.00 8.50 9.00 8.05 8.00 8.00 2.00 1.50 1.50 1.60 12.00 3.40 10.00 2.90 3.00 0.60 1.02 8.00 2.00 4.20 2.15 0.60 6.00 2.00 8.85 4.00 7.65 7.00 6.50 6.80 5.90 0.28 0.12 0.11 4.80 4.98 0.
Slide 32: Appendix
Traffic Appendix Movement 32
Slide 33: Top Unit Holders – As on March 31, 2026
Top Unit Holders – As on March 31, 2026 2% Sr. No. Name of Unitholders % of holding Sponsor 1 IRB INFRASTRUCTURE DEVELOPERS LIMITED 16.57 5% 18% Foreign Portfolio Investor 2 ANAHERA INVESTMENT PTE. LTD. 16.26 3 LARSEN AND TOUBRO LIMITED 6.60 17% Individuals 4 CIM INVESTMENT FUND ICAV 5.50 Bodies Cor
Slide 34: Unit Price Performance for last six years v/s 10 years G sec
Unit Price Performance for last six years v/s. 10 years G sec Price (rebased to 100) Distribution per unit (DPU) 300.0 INR FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 DPU 10.6 12.3 10.0 8.5 9.0 8.0 8.0 6.0 6.6 Yield1 11.5% 16.4% 17.6% 20.8% 16.1% 13.4% 11.4% 12.9% 10.9% 200.0 79% 100.0 15% - IRB In
Slide 35: Financial Highlights
Financial Highlights INR Mn Gross income1 EBITDA 83% 80% 82% 83% 77% 15,817 11,584 12,697 14,003 9,162 10,386 10,859 11,102 8,279 8,861 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 EBITDA margin Net distributable cash flow Net debt2 0.2x 0.3x 0.3x 0.3x 0.4x 7,061 5,465 78,758 4,937 4,961 4,811
Slide 36: Standalone Financial Results
Standalone Financial Results INR Mn Particulars FY26 FY25 Gross Income * 11,769 6,734 Earnings before interest, tax and depreciation ** 11,443 5,463 Financial Expenses # 4,395 2,045 Profit Before Tax 7,048 3,418 Total Tax Expenses 0.00 - Profit after Tax 7,049 3,418 Cash Profit 7,598 5,035 * Include
Slide 37: InvIT Assets Portfolio
InvIT Assets Portfolio Listed in May-2017 with initial portfolio of six operational assets; seventh asset was transferred in Sep-2017. One HAM asset forming part of prestigious Delhi-Mumbai Expressway acquired in October 2022 situated in the State of Gujarat.3 BOT assets acquired in November 2025
Slide 38: Sector leading ESG standards
Sector leading ESG standards Environmental Social Governance o Using LED lights on the roads to reduce o Well defined workplace health & safety o The Trust is managed by the Investment energy consumption guidelines manager having an experienced board of directors with 50% independent directors o Tim
Slide 39: Structure of Public InvIT
Structure of Public InvIT InvIT will in turn distribute at least 90% of its net Investors In Units Of Trust distributable cash flows to its unit holders, semi-annually, comprising of: Dividend received from the SPV Interest received from the SPV (net of withholding tax) Cash flows from repayme
Slide 40: Brief Overview of the Investment Manager
Brief Overview of the Investment Manager Experienced IM & Management team • The IM has more than 25 years experience in operating / managing road projects, in the infrastructure sector with a net worth of ~INR 646 mn as on 31st Mar, 2026 Background & • The Management of the IM is governed by an expe
Slide 41: Debt Overview and Leverage Ratio
Debt Overview and Leverage Ratio Debt Overview Net Debt to Value of assets ratio ^ – 31st March 2026 INR Mn Outstanding as on Gross Debt: INR ~86.5 Bn 31st March 2026 Net Debt: INR ~78.8 Bn SBI, Canara Bank, ICICI Bank, IndusInd Lenders Bank, IIFCL, NaBFID Credit Rating AAA by India Ratings and CARE
Slide 42: Thank You
Thank You For further information, kindly contact: Investor relations: ir@irbinvit.co.in